2024 developer sales forecast to fall short of 2023 despite H2 boost

Experts expect full-year sales to fall between 4,000 to 6,000.

Developers sales in 2024 are unlikely to surpass 2023 figures despite an expected improvement in the second half of the year.

In H2 2024, OrangeTee anticipates a moderate uptick in new home sales, driven by the launch of several major projects.

These projects include  Kassia, Sora and The Green Collection in July and  8@BT, Arina East Residences, Aurea, Meyer Blue and Union Square Residences in September, according to Huttons.

Despite the boost from H2 2024 sales, overall sales will likely fall below 2023 levels, given the low sales volume in H1 2024.

Cushman and Wakefield said the H1 2024 sales of 9,145 is the lowest sales volume since H1 2020.

Compared to H1 2023, sales fell 3.8%.

For the full year, JLL expects developers to sell 4,000 to 6,000 new units in 2024, lower than initially anticipated and below the 6,421 units sold in 2023.

CBRE had a higher forecast range of 5,500 to 6,500. Huttons had a similar forecast.

Orangetee, meanwhile, expects total new sales volume in 2024 to reach between 5,000 and 6,200 units due to the low number of new launches this year.